ISLAMABAD, Pakistan: The Chinese RUYI Group will establish international-standard Textile Parks in Pakistan, aimed at to increase Pakistan’s textile exports and transform the Country into a global textile and garments hub.
Under the initiative, nearly 100 major Chinese textile industries will be invited invest in the Textile Parks.
The Textile Parks will provide employment opportunities for 300,000 to 500,000 local individuals.
In this regard, a Memorandum of Understanding (MoU) was signed between the Board of Investment (BOI) and RUYI Shandong Group in Islamabad on Friday in the presence of Prime Minister Shahbaz Sharif.
Prior to that, a nine-member delegation of RUYI Group led by its Chairman Qiu Yafu held a meeting with Prime Minister Shahbaz Sharif.
وزیرِ اعظم محمد شہباز شریف سے چیئرمین چیو یافو (QiuYafu) کی قیادت میں روئیی (RUYI) گروپ کے 9 رکنی وفد کی ملاقات۔
وزیراعظم کے حالیہ دورۂ چین کے بعد پاکستان میں چینی سرمایہ کاری کے حوالے سے اہم پیشرفت۔چین کا روئیی گروپ پاکستان میں بین الاقوامی معیار کے ٹیکسٹائل پارکس قائم کرے گا۔… pic.twitter.com/MgcSh42EV9
— Government of Pakistan (@GovtofPakistan) September 20, 2024
In the meeting, the RUYI Group briefed the prime minister that it will establish Textile Parks of international standard in Sindh and Punjab and around 100 large textile industries from China will be invited for investment in these parks.
It was briefed that solar energy will be used in these Textile Parks and they will operate on zero carbon and advanced automated technology.
In the first phase, these parks are expected to generate exports worth US$ 2 billion while in the second phase, exports are likely to reach US$ 5 billion.
The foundation stone of these Textile Parks will be laid by the end of 2024, and they will be completed within three years.
The RUYI Group will also set up Wholesale Commodity Centers in Karachi and Lahore.
During the meeting, it was decided to establish working groups in Islamabad and Beijing to advance matters between Pakistan and the RUYI Group.
